Why Bitcoin Traders from Nigeria Should Consider PrimeXBT in 2023
Adoption data suggests that Nigeria is a hotbed for interest in Bitcoin and other cryptocurrencies. Bitcoin usage and trading volume is growing faster in the West African nation than elsewhere abroad.
With the rapid growth in the region, Bitcoin traders from Nigeria can make the most of the new year in 2023 by taking advantage of the powerful trading tools provided by the award-winning PrimeXBT trading platform.
Nigeria Leads Google Trends in All-Time Bitcoin Interest
Much like the Internet before it, cryptocurrencies as a technology are often treated as a fad. Few truly understand the asset classes’ potential at this point, and they can’t fathom how the technology might be used in a future setting.
The same was once said about things we now take for granted and use every day, like email or being able to search Google. In fact, today, Google is used as a way to measure what’s trending. A search for Bitcoin on Google Trends revealed some interesting facts: No other country since Bitcoin was created has shown more interest than Nigeria.
Inflation rates reaching double-digits in Nigeria, combined with lackluster access to banking services, has made Bitcoin particularly attractive.
Why Nigerians Prefer Bitcoin and Cryptocurrencies to Cash
Bitcoin is a blockchain-based borderless payment technology, allowing Nigerians to participate more easily in the global financial community, without the need for traditional onramps like banks. Bitcoin is a decentralized cryptocurrency-based network, which allows anyone at to send and receive transactions.
In the early days of Bitcoin, simply buying some BTC to hold was all you needed for wealth. Today, Bitcoin is maturing into an important macro asset, which means more institutional access to the asset class. Trading Bitcoin is proving to be more profitable than holding, keeping capital safer through less overall exposure.
Many platforms, like PrimeXBT, are also cryptocurrency-based, meaning that if you already hold BTC, you can use it as collateral to trade instead of selling it at a loss. Any winning trades you make will also be settled in your chosen cryptocurrency, helping you stack more sats with each profitable trade you close.
PrimeXBT Trading Platform Welcomes Nigerian Bitcoin Traders
PrimeXBT is an award-winning margin trading platform, getting its start during the last Bitcoin bear market in 2018. The platform first became popular for allowing crypto traders to short BTC and other cryptocurrencies, but later began to expand and add traditional assets like gold, silver, oil, S&P 500, and much more.
Today, PrimeXBT boasts more than 100 different trading instruments in its lineup, each can be traded with long and short positions with leverage. Leverage helps Nigerian Bitcoin traders have less overall net exposure, yet amplify the capital for greater profitability. This also increases risk, but PrimeXBT has Bitcoin traders covered with a plethora of risk management tools.
The platform even includes built-in charting software, an educational platform filled with hundreds of expert tutorials and trading tips, and weekly trading competitions that require no risk whatsoever to get involved. It’s possible to earn starting capital, practice what you learn, or simply improve your skills.
Important Alternative Financial Features to Consider
Other important features include APY-generating yield accounts, and the Covesting copy trading module. The peer-to-peer copy trading community is filled with top traders from around the globe, each competing to rank the highest in the Covesting leaderboards.
Those with the highest profits get the most visibility with potential followers, who can click follow to automatically copy the strategy manager they’ve chosen from the leaderboard list. Followers can use a variety of success and risk metrics to gauge performance and see which strategies to follow.
Much like Bitcoin traders get risk management tools, copy traders do also. Followers can set a stop loss level to manage against max drawdowns, or take profit on a following to secure gains without losing a place following a top strategy manager. Followers can also follow many strategies at once to spread risk around and increase the chance for opportunity.
Earn From Unstoppable Crypto Adoption in Nigeria
Because there is rapid growth all across Nigeria, the four-level PrimeXBT referral program is also worth a mention. Chances are other Nigerian Bitcoin traders are also looking for a reliable platform to trade at. Recommending PrimeXBT can lead to earning as much as 20% in trading commissions from any users to register using a custom referral link.
Considering the large slate of features, promoting the platform is effortless. You can also rest assured the platform is safe and trusted, with PrimeXBT recently winning the Crypto Expo Dubai award for Most Trusted Crypto-Asset Trading Platform.
There has also never been a hack, any controversy, and PrimeXBT has no exposure to FTX, Digital Currency Group, or any other crypto companies currently making headlines for all the wrong reasons.
Conclusion: Why Bitcoin Traders from Nigeria Should Consider PrimeXBT in 2023
Because PrimeXBT has so much to offer, Nigerian Bitcoin traders have plenty of ways to approach the new year. Those expecting a strong recovery in Bitcoin and other cryptocurrencies can prepare by building a long position. Others fearing more downside can hedge their crypto positions with short, or build a portfolio of uncorrelated assets to offset the notorious cryptocurrency volatility.
Bitcoin adoption in Nigeria is showing no signs of slowing, and will if anything hasten now that reputable platforms such as PrimeXBT are beginning to cater to the Nigerian population. Get the most out of 2023 as a Nigerian Bitcoin trader using the award-winning PrimeXBT.
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Source: Legit.ng
